ISSN 2330-717X

Indra Buys SIA, Creates Leading Cybersecurity Services Firm In Spain And Portugal


Indra, one of the major global technology and consultancy companies, said Wednesday it has acquired SIA, a firm specialized in cybersecurity services, thus establishing itself as the leader in the information security market in Spain and Portugal in terms of the turnover of its value-added services.

SIA is a company with its own product and scalable capabilities for the delivery of services and the development of advanced cybersecurity solutions in Europe and the rest of the world. It owns a diversified and stable customer base with more than 10,000 security projects, and is the domestic leader for identity and electronic signature solutions. 

The company foresees a 2019 EBIT margin of 9%, with estimated revenues over €60 million in 2019, and annual cumulative increases in sales that have exceeded 15% over the last two years. EV/EBIT 2019 (E) including synergies for the acquisition is around 7x.

Digital disruption is leading to a true revolution in the different sectors of economic activity and in society in general, bringing great benefits and unprecedented progress but also risks in the areas of privacy and security, risks that must be properly managed.

The combination of the cybersecurity businesses of Indra company, and SIA, is positioning itself as a platform on which it can capitalize on the excellent prospects of the market, a sector that is undergoing transformation, with a high level of demand, constant growth (the Spanish market is expected to grow by almost a double digit figure by 2023) and a high degree of fragmentation in Spain, Europe, and LatAm. 

Indra, even more so now following the incorporation of SIA, seeks to become the trusted partner, with a high degree of specialization and autonomy, of companies and institutions in the protection of the country’s critical private and public infrastructures, including cyberdefense.

“The integration of SIA and Indra’s cybersecurity business creates a specialized leader in this market, with a wide-ranging and integrated offering and a global presence that enables it to respond to global threats. The new entity will be supported by a team of more than 1,000 highly qualified professionals and cybersecurity experts, made up of specialized consultancy teams in different but highly complementary areas. This leadership and its desire for growth also gives the combined entity a great capacity to recruit talent”, according to Cristina Ruiz, Executive Director of Indra and IT business Senior Vice President.

“It’s a personal and professional satisfaction for me and for the team to have developed a company of SIA’s reputation over 30 years. I’m very grateful to our customers and professional staff. SIA and Indra share the same vision of the cybersecurity market and we have the will and talent to create a global leader. The combination of the two organizations places us in a unique position in the market to meet the needs of our customers and professionals”, explained Enrique Palomares, founder of SIA.

The joint range of products and services that SIA and Indra can offer entails a major benefit for their current and potential customers as a result of its breadth and market leadership, according to the company. It thus generates a series of major synergies based on the leveraging of the sales networks, capitalizing on Indra’s vertical focus and SIA’s specialized approach in Spain and Portugal and on the ability of Indra’s sales and marketing network to position SIA’s product on the international stage.

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